What does your interview process say about your bank? Your interview process is very telling to candidates. This process can be the sole reason a top candidate comes running to your bank, chooses to go to one of your competitors or simply stays put and rejects an offer.
Consistent motivation our firm hears for leaving a current commercial banking role: “I can’t get anything done” OR “Our loan approval process is too cumbersome and we lose deals”.
Consistent selling point we hear from clients to entice top producers to come to their bank: “We are more nimble than other banks” OR “You will be able to get more deals done here because of X, Y, Z” OR “We have a streamlined credit process so you will win more deals here”.
While all of this may be true, it’s the interview process these candidate’s see up close and personal FIRST. And if your interview process has too many steps, delayed feedback, and flies in the face of what you are selling these candidates (quick, nimble, streamlined)…you run the risk of losing them. The candidate will walk away thinking EVERYTHING at the bank happens the same way. You don’t want a candidate thinking, “Wow, if it takes this long to get feedback or get an offer, how long will it take to get a deal done?”.
It’s important to remember that top producing, passive candidates are very busy and have a job to do. Asking them to leave work multiple days and then waiting multiple days to get them feedback on those meetings is a major turnoff. Here are some simple tips to streamline the interview process and hang on to these tough to find candidates:
- Only involve people in the interview process absolutely necessary. Don’t add people for the sake of adding people. If you are adding people into the process who will end up being peers such as other commercial bankers on their team, make sure those people are coached on how to interview and know what questions to ask so the candidate’s time is well spent. Don’t throw an inexperienced interviewer into the mix with no preparation.
- Prior to beginning the interview process, make a commitment internally to get each candidate feedback within 48 hours of their meeting. It only takes a couple minutes for your interviewer to put together some notes from the meeting and email them to the person driving the process. Easiest way to lose an excited candidate is to wait 3, 4 or 5 days to tell them how interested your bank is in them. If your team cannot commit to feedback within 48 hours, readdress the urgency to fill your position.
- If you need a candidate to meet multiple people, try and get it knocked out in one half day or full day depending on how many people they should meet. This is much easier for a candidate versus taking off from work 5 different days to meet 5 different people.
- See if you can shrink the process down to 3 simple steps. First is the initial screening to make sure they are qualified and not wasting the hiring manager’s time. The second step should consist of the hiring manager and key team members the candidate will be working with/for. The third and last step should be executive sign off. At this stage in the game, you should know if this person is offer worthy.
Remember, the longer the interview process goes, the more likely your bank will come off as indecisive and give a great candidate the perception that everything at your bank is slow and cumbersome…not to mention, a really strong candidate won’t be around long if your interview process has 6 steps and the bank you are competing with for the talent only has three steps.
For more information on how to streamline your interview process, please connect with us on LinkedIn – The Anderson Search Group, drop us an email at Jeremy@andersonsearch.com, or call us at 616-920-5157.